Nigeria’s Senate is set to begin a comprehensive investigation into activities in the country’s oil and gas industry, with public hearings scheduled to commence on Monday next week.
As part of the exercise, the upper legislative chamber has directed the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), leading international and indigenous oil companies, regulatory bodies and several government institutions to appear before the probe.
The investigation will focus on issues identified in the Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports covering the 2021, 2022 and 2023 reporting years.
Lawmakers are expected to demand explanations from the invited organisations over observations and findings contained in the audit documents as part of efforts to strengthen accountability and transparency in Nigeria’s extractive industry.
The planned hearings will bring together key players in the petroleum sector, financial regulators and relevant government agencies, with the Senate expected to scrutinise compliance with existing regulations and examine issues raised in the NEITI reports.
The probe forms part of the National Assembly’s oversight responsibilities aimed at improving governance, ensuring prudent management of public resources and promoting greater transparency across Nigeria’s oil and gas sector.
